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Toyota Motor Co. (TM) - Get Toyota Motor Corp. Report said that it expects to have a fast-charging, long-range electric vehicle ready for production by 2022. 

The vehicle will use a new solid-state type of battery that is expected to reduce charging time down to a few minutes while significantly increasing the vehicle's range. 

Solid-state batteries use solid electrolytes, as opposed to the liquid ones used in lithium-ion batteries, making them safer. 

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Toyota still has some ways to go before it can catch up to rivals including Tesla Inc. (TSLA) - Get Tesla Inc Report who have been working on long-range electric vehicles for years and already have products on the market. 

Toyota shares were up 0.66% to $110.14 in morning trading Tuesday. 

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